Recommendations for accountant and lawyer

Hi Folks,

Wifey and I want to do some estate planning with a young one in the household. We have held our properties directly in the past because that was the easy button. But now are starting to think long term - inheritance, taxes, etc. Does the collective wisdom here have any recommendations on accountants, lawyers and others we can talk to to help us (e.g. LLCs, Trusts, Living Trusts, etc)

thanks much

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Lawyers recommend trusts… Allows your kids to collect up to $11m tax free upon death. No need for probate

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Where do you live? If near Sacramento, I know a guy who can set you up for a trust, one of those trusts unheard of.

South Bay :\ but I can talk to people on the phone. Doesn’t need to be local

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I will let you know when he comes by from Sac.

The best I’ve seen.

Look at living trusts as a viable option. Also, if your employer offers it, go for Hyatt legal plan for similar for a year and that’ll pick up the cost of estate planning setup.


Revocable living Trust is the best.

Attend his free Seminars, very informative, but he may also scare you. Be cautious ! His charges are high and he is good for people with 20M or more or very complex situation. IMO, he is high end in living trust and worth his fees at that level.

For simple situations (holding primary and one rental…etc), NO LLCs required.

Look at Mercury news physical paper (not online), every week some lawyer schedules similar Seminar…
After Seminars, Do some google work to know what is Living Trust, pour over will etc.
After attending few, choose the best one you like, create a will and Trust.

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Many thanks for the Hyatt tip ---- will do that with open enrollment this year.

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If you due your job, do a good research before you do anything. When you hear trust, don’t think that you are finally protected and out of the water. No.

I just want to say one thing: Most attorneys handling living trusts are just administrators of what you are trying to get away from. Those who use the expertise of other “non-attorneys” get better results.

To give you a hint regarding living trusts, cars and trusts don’t get along with each other.

I was told you want a tax attorney not a tax accountant. A tax attorney can’t be forced to testify against you in court (attorney client privilege), but a tax account can be forced to testify against you.

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I believe only attorneys can create living trusts.

Living trust is only making the inheritance process easier. Your heirs will be able to avoid the expensive court process for asset ownership transfer. It has nothing to do with estate tax.

If they can repeal estate tax, it will not be an issue anyway.

If you want to skip estate tax and if you are really wealthy, you may need more sophiscated trust, not just a plain living trust.

Does it make sense to incorporate your asset and add your kids as owner of the corporation? If a 5 year old can own stocks, I guess he/she can also own a corporation, right?

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Thought all he wanted is a recommendation of a lawyer to create a living trust?
I create a living trust few years ago, how good is the lawyer, not sure :blush:

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Any one can create living trust, we can do our own using a book (avl in library too), but having high cost real estate involved, better to go through attorneys.

Btw, the living trust attorney needs to know your net worth, nature and distribution of assets, to recommend the right approach. Different net worth has different approaches :slight_smile: Some is suitable for lower net worth, some can only be done with high net worth :rofl: Certain nature needs unique treatment.

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On inheritance, definitely recommend living trust. The purpose is that you decide who gets to get your inheritance; not the government. And it avoids probate.

Someone already mentioned Hyatt legal plan. Look into your company if they offer Hyatt legal plan as a beneft. It cost like $20-$30 per month (or pay period), so that’s like $300 to $600 for that 1 year. Then get the living trust done in that 1 year you have Hyatt legal plan. It is not the cheapest, but it is easy.

Alternatively, use online or paper living trust kits. Legal zoom, Suze Orman, etc. This is cheapest method, but you have to do more work.

It can cost $2k for lawyer to set up living trust.

If you are going to get into living trusts, do a good research before you commit to it.

I know a person that works on trusts and not the kind you know as the “commercial” type of trusts you see advertised everywhere. But, it doesn’t matter what type of person or trust you choose, do your due diligence when it comes to your own skin.

So, to be absolutely clear: A revocable living trust does not protect assets from creditors.

@BA_lurker - What did you end up doing? Did you find a good lawyer for living trust or whatever vehicle you decided on? Going through similar exercise at this time and any recommendations would be appreciated. Also looking at this thread, I’m going to check what work legal benefits there are.

Got crickets :frowning:

I have a decent guy I spoke to once regarding living trusts if you are going independent, but I didn’t follow back up as I had other priorities. I can send you his contact via PM if interested. Looks like I have access to LegalShield at work. Wonder if that is similar to Hyatt Plan.